Vaughn Palmer: Premier David Eby’s housing announcement a rush job that leaves many questions

VICTORIA — The NDP government is backing non-profit housing societies with a $500-million fund to keep rental properties out of the hands of real estate trusts and other “predatory” investors.

“It’s a very exciting day,” Premier David Eby said Thursday and, caught up in the moment, he predicted the fund will protect “thousands” of renters from gouging and worse.

The premier’s enthusiasm was a bit overstated, judging from information in his own news release.

Eby made the announcement at a Burnaby co-op, saying it was typical of the kind of rescue work the fund will be doing.

The 425-unit building was acquired by a non-profit last year with the help of a $132 million grant from B.C. Housing. The provincial share, $310,000 a unit, was a fair price given the housing market in Metro Vancouver.